Comment: What drives the price of debt?

How, in a world where the amount of debt is rising rapidly, can credit spreads remain so low or even fall? And is this a sign of strength and stability, or a cause for concern?


These are questions central bankers have become increasingly concerned with over the past year, with Alan Greenspan going so far as to issue a warning that "history has not dealt kindly with the aftermath of protracted periods of low risk premiums" at Jackson Hole in August.

Speaking at the Centre

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